The 37 branches of the Karnataka Vikas Grameena Bank in the districts of Dakshina Kannada and Udupi will now come under the administration of regional office which was inaugurated here at Krishna Towers near Lady Hill Circle on Monday.
Hitherto the branches were under the regional office at Bhatkal. This is the ninth regional office of the bank, which has its headquarters in Dharwad.
Together, the 37 branches in the two districts account for a turnover of Rs. 487 crore, according to bank Chairman C. Sambasiva Reddy. The regional office was inaugurated by Deputy Commissioner N S Channappa Gowda.
He said this has opened the gates for development of the region. Farmers, fishermen, and traders should utilise the opportunity to avail loan and other services.
Mr. Reddy said KVGB had opened nearly nine lakh financial inclusion (no frill) savings bank accounts and to bridge the credit gaps in the financial inclusion villages, where branches were opened, the bank would provide full banking services.
He said KVGB had reached a business level of Rs. 9,475.21 crore by September this year compared to a year-ago figure of Rs.7,942.73 crore. Its operating profit for the half year ended stood at Rs. 70.81 crore growing at the rate of 18 per cent over the previous year figure for the period.